September 18, 2013

Diamond in the rough. Really rough. For many diamonds.

We’re continuing this Week of Win, jumping to a new county each time. Today we’re headed to Santa Clara, the Mission City.  As in, your mission, should you decide to accept it, is to tell us everything you just love about today’s featured property!

We’ll start. It’s on a street named for an architect!

130917-wren-redfin990 WREN Ave
Santa Clara, CA 95051
$1,598,000

3 Beds
2.5 Baths
2,250 Sq. Ft.
$710 / Sq. Ft.
Built: 1963
Lot Size: 0.52 Acres
On Redfin: 55 days
Status: Active
Property Type: Detached Single Family
Stories: 1
Community: Santa Clara
MLS#: 81326991
Style: Traditional
View: Neighborhood
County: Santa Clara

* Diamond in the rough * Huge Lot * Buyer to verify if the property can be subdivided into 3 lots * With TLC, this house is full of potential

130917-wren-lawnThis house is indeed full of something.  Unfortunately there are no pictures inside so we’re going to have to guess what that is.

Also we’re scratching our heads over how much potential this home is full of, especially with the subdivision suggestion. Maybe it has the potential to have even uglier houses much closer.

Comments (4) -- Posted by: madhaus @ 7:02 am






January 24, 2013

Value is in the land, and that value is $101.01 a square foot

How much should land in the Real Bay Area cost, when they aren’t making any more of it?  It’s hard to tell, as most of it is already covered with houses.  But today’s featured property, courtesy of Burbed reader Michael Boltonestater, may help us get an idea.  All together now: Mountain View, so close to Google!

130123-bryant-redfin344 BRYANT Ave
Mountain View, CA 94040
$4,400,000

3 Beds 
1 Baths 
1,216 Sq. Ft.
$3,618 / Sq. Ft.
Built: 1953 
Lot Size: 0.93 Acres 
On Redfin: 1 day
Status: Active
Property Type: Detached Single Family
Stories: 1
Community: Grant
MLS#: 81301915
Style: Traditional, Cottage/Bungalow
View: Neighborhood
County: Santa Clara

3BR/1BA WITH SPACIOUS KITCHEN OVERLOOKING YARD. FEATURES INCLUDE LIVING ROOM WITH REFINISHED HARDWOOD FLOORS, INSIDE LAUNDRY ROOM WITH PANTRY, & APPROVED PLANS FOR REMODEL/EXPANSION INTO SPACIOUS ATTIC AREA. POSSIBLE 4 LOT SUBDIVISION ON APPROXIMATELY 40,000SF LOT (. 93 ACRES). OUTSTANDING DEVELOPMENT OPTIONS WITH ACCESS FROM BRYANT FILOMENA COURT. IDEALLY LOCATED IN WELL ESTABLISHED NEIGHBORHOOD.

130123-bryant-streetviewYou know the agent is just phoning this one in to long list of OPPORTUNITY-minded investors. Otherwise, this house with all its expansion plans could have easily been featured instead of just an aerial shot.  Heck, Google even managed to find something once we realized the Redfin map was pointing to the wrong place (over at Beaumont and Apricot, and wonder why that happened, huh?)

Also look at this very odd cul-de-sac that abuts the property (right underneath the lot on the lower right).  Looks like it only culled half de sac.

130123-bryant-satellite

130123-bryant-view-from-beaumontSo, do you think land in Mountain View in a good zip without the good schools is worth a million for a quarter acre?  Can you make money as a developer when your land costs are that high?  New homes in nearby Enclave at Waverly Park development (the old Pumpkin Patch property) went for $2M+, but they built 53 big houses there.  Hard to get economies of scale when this lot will support four of them.

Perhaps the third time’s a charm for this huge investment opportunity. The buyer is sticking to this price regardless of which agent has the deal.

130123-bryant-history

Comments (9) -- Posted by: madhaus @ 5:04 am

October 2, 2009

A great real estate subdivision opportunity in Campbell

1411 WESTMONT Ave, Campbell, CA 95008 | MLS# 80916027
1411 WESTMONT Ave Campbell, CA 95008
Price: $1,275,000

1411
Beds: 3
Baths: 2
Sq. Ft.: 1,650
$/Sq. Ft.: $773
Lot Size: 0.82 Acres
Property Type: Detached Single Family
Stories: 1
Year Built: 1958
Community: Campbell
County: Santa Clara
MLS#: 80916027
Source: MLSListings
Status: Active
On Redfin: 160 days
Incredible . 81 acre (35,672 sq ft) prime Campbell lot. Tenant occupied 1600 sq ft home. Real value is in the land. Zoned R16. Possible to sub-divide into 2 or 4 parcels ??? buyer to confirm. Please respect the tenant.

First, let’s not kid ourselves. This is a smokin’ deal. .81 acres (or .82 acres depending on the day.) Wowsers. For just $1.275 million dollars.

Just think, if you scooped this up and divided it into 2 or 4 parcels, you could easily throw some houses on those parcels and sell them at $1 million each! CHA CHING.

But… there’s some strange things going on here.

First, there are people living there? Seriously? Or are they interred there?

But wait, there’s more:

1411a

So many questions!

  • Why is the property tax just $3266 if it was sold for $1,350,000 in 2007?
  • Can you really split up a lot that’s .81 or .82 acres length wise?
  • Why does the next door neighbor have a minute man missile silo?

Wow… you’ll need an expert realtor for this one!

Comments (14) -- Posted by: burbed @ 5:19 am